Agmt13 Pacific Electric Contracting, Inc.

Browse Search

PAYMENT BOND Bond No.CAC 93303 KNOW AL�MEN BY THESE PRESENTS: That we, Pacific Electric Contracting,Inc. as Principal, and, Merchants Bonding Company(Mutual) organized and existing under the laws of the State of California , and authorized to execute bonds and undertaking as sole surety, as Surety, are held and firmly bound unto any and all persons named in Califorr.ia Civil Code Sectian 3181 whase claim has not been paid by the Contractor, company or COCpOP&tiOt1 in th8 aggregate tOtal af Fifty Thousand Nine Hundred Sixty Two and No1100 DOI18('3 {$ 50,962.00 ) (being 100°to of the Contract amourrt) for the payment whereof, weil and truly to be made, said Principal and Surety bond themselves, their heirs, administrators, successors, and assigns,jointly and severally,firmly by these presents. THE CONDITION OF THE FOREGOING 08LIGATION IS SUCH that, whereas the above with the City of Redwood City ("City")to do the follawing work, to-wit: EAST BAYSHORE ROAD STREET LIGHTING PRtJJECT NOW, THEREFORE, if the above-bounden Principal or his sutxontractors fail to pay any of the persans named in Sectian 3181 af the Civil Code af the State of Califomia, or amounts due under the Unemployment Insurance Code with respect to work or labar performed under the Corrtract, or for any amounts required to be deducted, withheld, and paid over to the Employment Development Department from the wages of employees of the CorYtractor and his subcontractor pursuant to Section 13020 of the Unemployment Ensuranoe Cade of the State of California, with respect to such work and labor, the surety will pay for the same, in the amount not exceeding the sum spec�ed in this bond, and also, in case suit is brought upon this bond, a reasonable attomey's fee, to be fixed by the Court. This bond shall inure to the benefit of any person named in Section 3181 of the Givil Code of the State of California so as to give a righ#of action to them or their assignees in suit brought upon this bond. This bond is executed and filed to camply with the provisions of the act of the Legislature of the State of Califarnia as designated in Civil Gode Sections 3247-3252, inclusive, and alt amendmer�ts thereta And the said Surety, for value received, hereby stipulates and agrees to waive the provisions af Califarnia Civil Code Section 2819 regarding consent ta change, extension of time alteration, or additian ta the terms of the Contract, or to the work to be performed thereunder, or the Specifications accompanying the same, shall in any way aifect its obligations on this bond; and it does hereby waive notice of any such change, extension of time, alteration, or addition to the terms of the Contract, or to the worlc, or to the Specifications. //! ll/ /1/ PAYMENT BOND EA3T BAYSHORE ROAO STREET LIGHTINf PROJECT 00620-1